Serve Robotics (NASDAQ:SERV) Stock Price Down 12.3% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price fell 12.3% during mid-day trading on Monday . The company traded as low as $17.03 and last traded at $16.89. 5,518,794 shares changed hands during trading, a decline of 59% from the average session volume of 13,545,367 shares. The stock had previously closed at $19.26.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SERV. Northland Securities increased their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Down 8.0 %

The company has a 50 day moving average of $14.27 and a 200 day moving average of $11.20.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The firm had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. Equities analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $13.52, for a total value of $33,800.00. Following the completion of the transaction, the chief executive officer now directly owns 3,344,498 shares of the company’s stock, valued at $45,217,612.96. The trade was a 0.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 253,027 shares of company stock worth $3,309,166. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp acquired a new position in shares of Serve Robotics during the third quarter worth about $333,000. Exchange Traded Concepts LLC acquired a new position in Serve Robotics in the fourth quarter valued at approximately $9,066,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 128.1% in the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares in the last quarter. Atomi Financial Group Inc. acquired a new position in Serve Robotics in the fourth quarter valued at approximately $209,000. Finally, Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics in the third quarter valued at approximately $9,636,000.

Serve Robotics Company Profile

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.